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|Reference and Administrative
Information|1|
|Report ofthe Trustees|2-10|
|Report ofthe Independent
Auditor|ll - 13|
|Statement ofFinmtcial Actiyities|14|
|Balance Sheet|15|
|Statement ofCash Flows|16|
|Notes to the Financial
Statements|17-32|
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|||||FOR TH|E YEAR|EN|DED 31MA|RCH 2021|||
|---|---|---|---|---|---|---|---|---|---|---|
||||||||Unrestricted|Funds|Total|Total|
||||||Notes||General|Designated|Funds|Funds|
||||||||Fund|Fund|2021|2020|
|Income from:|||||||||||
|Donations|||||||115||115|173|
|Grants|||||||882 269||882269|1175366|
||||||||882,384||882,384|875,539|
|Investments|||||||407609||4D7 6D9|435 211|
||||||||1,289,993||1,289,993|1,310,750|
|Cbaritable
Acttvttlesr|||||||||||
|Estate Management|||||||1,404,863||1,404,863|1,455,928|
|Total income|||||||2694 856||2,694856|2.766 6711|
|Expenditure
on:|||||||||||
|Raising Funds:|||||||||||
|Investment
Management|||Costs||8||(37,530)||(37,530)|(487,045)|
|Cltarilable Aetividest|||||||||||
|Estate Management
Research|||||7h
7b|(1,488,007)
587 500|||(1,488,007)
587500|(1,369,785)
~500 000|
|Total Charitable||Expenditure||||(2,075,507)|||(2,075,507)|(1,869,785)|
|Total Expenditure||||||Q.113.037)|||(2,113,037)|Q,356,830)|
|Net Gains on Investments||||||||944,552|944,552|1,001,500|
|Net income|||||||581,819|944,552|1,526,371|1,411,348|
|Net Movement|in|Funds|in Year||||581,819|944,552|1,526,371|1,411,348|
|Reconciliation|ofFunds||||||||||
|Funds Balance|Brought Forward|||at 1 April||8,535,089||17,440,873|25,975,962|24,564,614|
|Funds Balance|Carried Forward|||ai.31||9,116,908||18,385,425|27,502,333|25,975,962|
|March|||||||||||
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||||LAWKS AGRICULTU|LAWKS AGRICULTU|RAL TRUST||
|---|---|---|---|---|---|---|
||||IIALANCK SHEETAS AT||31MARCH 2021||
||||Company|Registration|No: 8901784||
|||||Notes|Total|Total|
||||||2021|2070|
|Fixed Assets|||||||
|Tangible Assets||||10|13,526,524|11,422,317|
|Investments|||||73 732005|12836454|
||||||27,307,529|24,25&3771|
|Current
Assets|||||||
|Debtors|||||409,053|1,022,812|
|Cash at bank|and in|hand|||972433|2 030 134|
||||||1,381,486|3,052,946|
|Current
Liabilities|||||||
|Creditors Falling Due Within|||One Year|13|(1,186&682)|(1,335,755)|
|Net Assets||||&4|27502333|25975962|
|Unrestricted|Funds||||||
|General Fund|||||9,116,908|8,535,0&9|
|Designated
Fund|||||||
|Capital Reserve Fund|||||18,385,425|17,440,873|
|Total Unrestricted||Funds|||27502333|25 975 962|
|Total Funds|||||2,502333|25975962|
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||||||Total|Total|
|---|---|---|---|---|---|---|
||||||2021|2020|
|Net cash generated
by operating
activities|||||||
|Cash generated|by operating
activities|||16|585,130|340,006|
|Cash flows from investing||activities|||||
|Dividends,
interest and rent from investments|||||407,609|435,210|
|Purchase oftangible fixed||assets|||(2,250,440)|(285,777)|
|Net cash (used|in)/generated|from investing|activities||(1,842,831)|149,433|
|Cash flows from financing
activities|||||||
|Loans|||||200,000|(560,939)|
|Net cash (used|by) 1generated
from flnancing||||200,000|(560,939)|
|nativities|||||||
|Net (decrease)|in cash and|cash equivalents|||(1,057,701)|(71,500)|
|Cash and cash|equivalents|at beginning ofyear|||2,030,134|2,101,634|
|Cash and cash|equivalents|at the end ofyear|||972,433|2,030,134|
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|Income from|Grants|||||
|---|---|---|---|---|---|
|||||Total|Total|
|||||2021|2020|
|LEP Funding|(relating||to Russell|857,269|875,366|
|Building refurbishment|||—see Note|||
|15and the Trustees'||Report)||||
|Other Grants||||25,000||
|||||882,269|875,366|
|Albans District Council in relation tothe Man|or, which qualified for funding asahospit|ality
venue.|
|---|---|---|
|Investments|Total|Total|
||2021|2020|
|Dividends|132,209|130,384|
|Bank interest||6,551|
|Lettings income|275,400|298,276|
||407,609|435,211|
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|Income|from|charit|able
activities|||
|---|---|---|---|---|---|
|||||Total|Total|
|||||2021|2020|
||||||4|
|Rental|income|from|estate|||
|properties||||1,403,053|1,455,592|
|Sundry|income|||1,810|33ii|
|||||1,404,863|1,455,928|
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|use o|fthe r|esources.||||||
|---|---|---|---|---|---|---|---|
||||Raising|Estate|Governance|Total|Total|
||||Funds|Managemettt|Costs|2021
f|2020
f|
|Staff|Costs|(sccNote 9)|37,278|124&729|37,278|199,285|185,403|
|Audit|fees:|RSM UK Audit|||20,498|20,498|17,&32|
|LLP||||||||
||||37,278|124,729|57,776|219,783|203435|
|2020|||44,356|96,691|62,188|203,235||
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|7b.|Analysis ofCharita|ble|Expenditure|||
|---|---|---|---|---|---|
|||||2021f|2020|
||Estate Management|- Direct||1,305,501|1,210,906|
||Estate Management|- Support||182,506|158,879|
||Estate Management|||1,488,007|1,369,785|
||Research|||5&7,500|500,000|
||Total|||2,075,507|1,&69,785|
|8,|Expenditure
on Raising||Funds|||
|||||2021|2020|
||Invesunent
management||costs|252|2,583|
||Estate development|costs|||440,106|
||Direct costs|||252|442,689|
||Support costs (Note|7a)||37,278|44,356|
|||||37,530|487,045|
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|||||Fixtures,|||
|---|---|---|---|---|---|---|
||||Freehold
land|Fittings and|Books, Paintings||
||||and buildings
g|gttuipment
s|and Furniture
I|TotalI|
|Cost/Deemed|cost as at 1 April 2020||11,360,071|325,892|729,999|12,415,962|
|Additions|||2,200,449|49,991||2,250,440|
|Cost/Deemed|cost as at 31 March||||||
|2021|||13,560,520|375,883|729,999|14,666,402|
|Depreciation|at|1 April 2020|926,100|67,545||993,645|
|Depreciation|charge for the year||110,352|35,881||146,233|
|Depreciation|as|at 31 March 2021|1,036,452|103,426||1,139,87&|
|Net book value||as at31March 2021|12,524,068|272,457|729,999|13,526,524|
|Net book value||as at 31 March 2020|10,433,971|258,347|729,999|11,422,317|
|Historical cost as at 31 March 2021|||13,560,519|328,860|409,655|14,299,034|
|Historical cost as at 31 March 2020|||11,360,070|325,892|409,655|12,095,615|
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|||||Note|2021|2020|
|---|---|---|---|---|---|---|
|||||||8|
||Investment|properties||I Ia|8,937,129|8,937,129|
||Quoted investments|||I Ib|4,494,986|3,745,861|
||Unlisted
investment|||Ilc|348,890|153,463|
||||||13781 005|12,836454|
||||||2021|2020|
||||||8||
|a)|Investment|Properties atvaluation|||||
||Fair value at I April 2020
Reclassification
ofproperties||(atvaluation)||8,937,129|7,812,129
400,000|
||Surplus
on|ievsluation||||725,000|
||Fair value|at 31March 2021|||8,937,129|8,937,129|
||Historic cost at 31 March 2021||||819,497|819,497|
||The investm
independent|e|nt
properties
are included
at the Truste
professional
advice,|es'
estimate of fair value
which|is based
on|
|---|---|---|---|---|---|
|||||2021|2020|
|||||8||
|b)|Movements||on Quoted Investments|||
||Fair value as||at I April|3,745,861|3,869,361|
||Additions|||62,780||
||Dlsposals|||(62,780)||
||Investment|gains/(losses)||749,125|(123,500)|
||Fair value|||4,494,986|3,745,861|
||Historic cost|||2,640,542|2,640,542|
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|Unlisted
investment
(Note Ild)|348,890|
|---|---|
|Quoted Equities: Furope|121,917|
|Quoted Equities: Global|854,246|
|Hedge Funds|3,205,136|
|Property|3,109|
|Liquid Assets-Global|238,671|
|Cash|71,907|
|Fair value ss a(31 March 2021|4,494,986|
|Historic cost as at 31Man;h 2021|2,691,270|
||||'/o|
|---|---|---|---|
|Sarasin Global Equity||854,246|19|
|ICS-INS Sterling Liq- Heritage Account||238,671|5|
|Sarasin Endowments|Fund -Class A INC|3,205,136|71|
##
|value based on the latest published
net asset positi|on ofVSN International
Limited.||
|---|---|---|
||2021|2020|
|Fair value as at I April|153,463|153,463|
|Revaluation|195,'127||
|Fair value as at 31March|348,$90|153,463|
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||||2021|2020|
|---|---|---|---|---|
|||||(Restated)|
||||f'000|f.'000|
|Turnover|||654|784|
|Cost ofsales|||(324)|(407)|
|Gross profit|||330|377|
|Administrative
expenses|||(312)|(353)|
|Profit before interest and tax|||18||
|Taxatloll|||||
|Interest payable|||||
|Retained
profit/(loss)
for the year|||17||
|Net assets / (liabilities)|at I April|||(21)|
|Net assets / (liabilities)|ai 31 March||20||
|Being:|||||
|Tangible fixed assets|||4,039|4,255|
|Current assets|||336|349|
|Cuirent liabilities: Creditors: due within||one year|(64)|(152)|
|Creditors: due after more than one year|||(263)|(209)|
|Accruals and deferred|income (including|deferred|(¹,028)|(4,240)|
|capital grant)|||||
|Net assets /(liabilities)|at 31 March||20||
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|||FOR T|HE YEAR ENDED 31MARC|H 2021 (continued)||
|---|---|---|---|---|---|
|12.|Debtors|||||
|||||2021|2020|
||Due wltkdn|1year||||
||Trade debtors|||163,373|102,154|
||VAT|||90,727|119,4?8|
||Prepayments|and accrued income||104,953|751,230|
|||||359,053|972,812|
||Due in more|than 1year||||
||Rothamsted|Enterprises|Limited - loan|50,000|50,000|
|||||409,053|1,022,812|
|||||||||
|---|---|---|---|---|---|---|---|
|Creditor|s: amounts|falling||due within|one year|||
|||||||2021|2020|
|||||||8|8|
|Loan from Hcrtfordshire|||Local Enterprise||Partnemhip|200,000||
|Trade creditors||||||376,598|1.104,445|
|Amounts|due to Rothamsted|||Enterprises|Limited|24,542|5,732|
|Deferred|Income|||||5&,210|47,152|
|Accruals||||||373,3&4|46,835|
|Deposits||||||141,636|131,591|
|Other creditors||||||12,312||
|||||||1,186,682|1,335,755|
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|||Unrestricted|Funds|Total|
|---|---|---|---|---|
|31March|2021||nesianaird||
||||Capital||
|||General Band|nesorvo||
||||Funds||
|Allocation|ofNet Assets.||||
|Tangible fixed assets||6,426,521|7,100,003|13,526,524|
|Investments||1,676,086|3,167,790|4,843,876|
|Investment|properties|819,497|8,117,632|8,937,129|
|Net current|assets|144,804||144,804|
|Long term|debtor|50,000||50000|
|||9,116,908|18,385,425|27,502,333|
|||Unrestricted|Funds|Total|
|31March|2020||Oesignated||
||||Capital||
|||General Fnad|Reserve||
||||Fond||
|Allocation|ofNet Assets:||||
|Tangible fixed assets||4,322,314|7,100,003|I 1,422,3 I7|
|Investments||2,559,432|1,339,893|3,899„325|
|Investment|properties|819,497|8,117,632|8,937,129|
|Net current|assets|783,845|883,346|1,667,191|
|Long term|debtor|50 000||50000|
|||8,535,088|17,440,874|25,975,962|
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|16.Reconciliation|of|net income for the|net income for the|year to net cash generated|by operating|activities|
|---|---|---|---|---|---|---|
||||||2021|2020|
||||||g||
|Net income for|the|year|||1,526,371|1,411,348|
|Dividends,
interest||and rent|from investments||(407,609)|(435,211)|
|Depreciation|||||146,233|160,020|
|(Gain) on investments|||||(944,552)|(1,001,500)|
|Operating
cash|fiows before||movement|in|320,443|134,657|
|working
capital|||||||
|Decrease/(increase)||in debtors|||613,759|(862,697)|
|(Decrease)/increase||in creditors|||(349,072)|1,068,046|
|Cash generated|by|operating|activities||585,130|340,006|
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|Financial|Instruments||||
|---|---|---|---|---|
||||2021|2020|
|Financial|assets (investments)|at fair value through|||
|income and expense|||4,843,876|3,899,324|
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